Cryptocurrencies

Crypto.com Expanding Payment Card to Australia After Becoming Visa Principal Member

Visa cards

Hong Kong-based Crypto.com has become a principal member of Visa Australia, allowing it to expand its card offering to the nation.

  • The principal membership means Crypto.com is able to directly offer the Visa card in Australia, a factor it says allows the firm to “have a direct relationship with cardholders.”
  • Laying the groundwork for the move, the firm secured an Australian Financial Service License through an acquisition in December.
  • Crypto.com said its Visa card is now available in 31 countries including the U.S, Canada, Europe and in the Asia-Pacific region.
  • The card allows users to convert their cryptocurrencies into fiat currencies for spending at Visa-accepting retailers.
  • Crypto.com plans to expand the card into other new markets and will start offering virtual cards in Europe this month.
  • Also on Thursday, the company said it will introduce fiat currency lending backed by crypto collateral.
  • Dubbed “Spending Power,” the upcoming service will allow cardholders to use the crypto holdings in their Crypto.com wallet as collateral for loans that can be spent via the card.

Read more: Crypto.com Appoints Music Industry Veteran to Lead New NFT Marketplace

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